At the current state of its evolution, Ack3 Bionetics will target three groups of businesses:
Banks. Voice Biometrics has improved significantly in accuracy in the last 2-3 years, and are about to go mainstream even for the traditionally conservative banks. We have demonstrated our technology to leading banks in Singapore and Malaysia. Our 3FID (3-Factor Authentication) in one touch technology has been overwhelmingly well-received as a future replacement for current hardware token systems. We will be making our pitch to banks for online consumer banking. However, for the immediate future we target early “proof of concept” sales to these banks for use by their own internal staff. There is a pain point with insider fraud committed against banks that only our solution can relieve immediately because we use audit trails for voice based non-repudiation. We believe this path will lead to wins in online consumer banking.
Online education service providers. We have been witnessing the explosive growth of online courses. One example is Coursera which offers massive choices of online courses in partnership with many universities. The US has at least 5.5 Million online education users and its current annual growth rate is over 9%. The concept is to offer free courses with videos over the Internet to large classes and audiences across the globe. There is a need to monetize the opportunity by charging a fee to those students seeking a valid certification from an accredited institution. Since Universities wish to get in on the act without risking their reputation and brand, Ack3 is uniquely positioned to provide the “secure enrolment and verification” of students taking examinations online.
Call centres. User authentication is almost always required for bank and mobile phone call centers. Our solution reduces agent time by 20% on average, resulting in cost savings of $300,000 a month for a 500-agent centre. We intend to market Ack3 solution bundled with fee-based customized software development for about 3 months. A US$1.8M solution can pay for itself in about 6 months. We have received enthusiastic feedback from a major local bank and a local telco operator.